Horizon Kinetics Trims Texas Pacific, Icahn Enterprises Positions

Firm's largest sales of the 3rd quarter

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Nov 19, 2020
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Murray Stahl (Trades, Portfolio)'s Horizon Kinetics sold shares of the following stocks during the third quarter, which ended on Sept. 30.

Texas Pacific Land Trust

The firm reduced its stake in Texas Pacific Land Trust (

TPL, Financial) by 3.4%. The trade had an impact of -1.26% on the portfolio.

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The company, which sells, leases and manages land, has a market cap of $4.45 billion and an enterprise value of $4.14 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 41.87% and return on assets of 35.53% are outperforming 95% of companies in its industry. Its financial strength is rated 8 out of 10. The cash-debt ratio of 105.89 is above the industry median of 0.4.

The company's largest guru shareholders are Stahl with 21.18% and Pioneer Investments (Trades, Portfolio) with 0.37% of outstanding shares each.

Icahn Enterprises

The Icahn Enterprises LP (

IEP, Financial) position was trimmed by 24.99%, impacting the portfolio by -0.46%.

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The provider of diversified business services has a market cap of $12 billion and an enterprise value of $17 billion.

GuruFocus gives the company a profitability and growth rating of 4 out of 10. The return on equity of -43.8% and return on assets of -8.17% are underperforming 87% of companies in the conglomerates industry. Its financial strength is rated 4 out of 10. The cash-debt ratio 1.08 is above the industry median of 0.44.

The largest guru shareholder of the company is

Carl Icahn (Trades, Portfolio) with 92.03% of outstanding shares, followed by Stahl with 0.34%.

ProShares Trust II

The firm reduced curbed its position in ProShares Trust II (

SVXY, Financial) by 20.85%. The portfolio was impacted by -0.35%.

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Wheaton Precious Metals

The firm cut its Wheaton Precious Metals Corp. (

WPM, Financial) holding by 6.55%, impacting the portfolio by -0.31%.

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The precious metal streaming company has a market cap of $18.47 billion and an enterprise value of $18.75 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of 8.03% and return on assets of 6.96% are outperforming 87% of companies in the metals and mining industry. Its financial strength is rated 7 out of 10. The cash-debt ratio of 0.43 is below the industry median of 17.19.

The largest guru shareholder of the company is

First Eagle Investment (Trades, Portfolio) with 4.08% of outstanding shares, followed by Stahl with 0.61% and Jim Simons (Trades, Portfolio)' Renaissance Technologies with 0.58%.

Howard Hughes

The investment firm reduced its Howard Hughes Corp. (

HHC, Financial) position by 12.38%. The trade had an impact of -0.26% on the portfolio.

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The real estate company has a market cap of $3.88 billion and an enterprise value of $7.32 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of -0.6% and return on assets of -0.24% are underperforming 70% of companies in the real estate industry. Its financial strength is rated 3 out of 10. The cash-debt ratio of 0.2 is below the industry median of 0.27.

The largest guru shareholder of the company is

Bill Ackman (Trades, Portfolio) with 19.87% of outstanding shares, followed by Stahl with 1.73%.

Liberty SiriusXM

The investment firm reduced its position in Liberty SiriusXM Group (LSXMK) by 13.98%. The trade had an impact of -0.23% on the portfolio.

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The provider of satellite radio services has a market cap of $16.34 billion and an enterprise value of $32.47 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of 2.58% and return on assets of 0.83% are outperforming 59% of companies in the diversified media industry. Its financial strength is rated 3 out of 10. The cash-debt ratio of 0.01 is below the industry median of 0.9.

The largest guru shareholder of the company is

Warren Buffett (Trades, Portfolio) with 12.69% of outstanding shares, followed by Seth Klarman (Trades, Portfolio) with 1.71%.

Disclosure: I do not own any stocks mentioned.

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